After price declines last week that saw gold drop to a 4-week low over concerns about the European economy, both Reuters and Bloomberg are reporting firming prices in overseas trading this morning. Belief by some analysts that gold will not break the $1700 floor, combined with a slightly weaker dollar and expectations that jewelry manufacturers and bargain hunters will be entering the market, led to small gains in overseas trading. Spot price for gold was up to $1727/oz shortly after the opening bell in New York.
Where do you stand on gold futures? Do you think the holiday season is going to affect prices? We’d like to hear your opinions!